We identify the ultimate ownership structures of the 20 largest firms in 12 transition countries in 1996, and the subsequent patterns of ownership change over 1996-2008. Of the state-controlled companies in 1996 more than half are still in state hands in 2008. Better quality of governmental...

This article investigates the determinants of subsidiaries’ profitability using a unique dataset of more than 23,000 listed and unlisted subsidiaries worldwide over the period 1994–2005. We find that profitable parent companies are able to transfer some of the intangible assets that make...

The Copenhagen Summit enlargement comes cheaply (by Sandor Richter) Agriculture in transition countries stagnation in the CEECs, growth in Russia and Ukraine (by Zdenek Lukas) Countries covered CEE, Russia, Ukraine Kosovo a protectorate's economy (by Mario Holzner) Countries covered Kosovo...

This book highlights the achievements and challenges of the ongoing process of financial integration in Europe.   This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment...

We derive empirical predictions from the standard investment-cash flow framework on the functioning of internal capital markets (ICM), but circumvent its criticism by focusing on parent cash flow and investment opportunities. We test these predictions using a unique dataset of parent firms and...

The transformation of the Bulgarian economy has been hampered by a process of privatization that created crony capitalism, which is characterized by the lack of appropriate capital market institutions and by ownership objectives and behaviors that are inappropriate to a market economy. How such...

The product of a long-standing collaboration and recent collective research effort by members of the CGEUI network, The European Corporation makes an important contribution to the ongoing debate over convergence to the Anglo-Saxon model of corporate governance and persistence in corporate...